Van Lanschot Kempen, a wealth management firm headquartered in the Netherlands, has posted a net profit of €83.6m for the first half of 2019, versus €39.3m a year ago.
The underlying net result in the first six months of 2019 was €92.5m, a 96% jump from €47.2m last year.
Go deeper with GlobalData
Operating expenses dropped 9% year-on-year to €190.4m. The fall was said to be driven by a reduction in consultancy fees, IT change costs and staff expenses.
Assets under management totalled €82.6bn at the end of June 2019, up 23% from end-December 2018.
The firm’s CET1 ratio at the end of June 2019 was 22.7%, compared to 21.4% in the previous year.
Van Lanschot Kempen chairman Karl Guha said: “Our net result for the first half is significantly up on the year-earlier total and reflects book profits on the sale of our holdings in AIO II (€36.0 million net) and VLC & Partners (€16.1 million net).
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“Ignoring the results of these holdings, our net profit is in line with last year. Our capital ratio increased further to 22.7% and our ample capital position enables us to propose a capital return to our shareholders in the amount of €1.50 per share.
“Conditions in the first six months of 2019 were turbulent, bringing market uncertainties and exceptionally low market rates.”
In June, Van Lanschot Kempen wrapped up its share repurchase programme.
